Top Tips on Saving on Your Dream Home

Owning a house is everybody's dream. For this dream to turn into reality, one has to spend a significant amount of money. With property rates sky-high, purchasing or building a home is an expensive affair. However, with little caution you can save your hard-earned money while buying your dream home.

Set a budget
First things first. Most people end up spending extra while acquiring a house is because they don't have a fixed budget. You must go for a house that you can afford. Depending on your need, plan your budget. Set aside a sum for each stage of construction. Without a proper budget, you will end up spending nearly double than the estimated cost.

Look for a good investor
After planning your budget, look for a good investor. Visit local banks to know the prevailing home loan interests. Every bank offers home loans on various terms and conditions. Go through them and select the one that suits you the best. If you are purchasing your home through a real estate developer, visit three to four of them to know the overall cost.

Have proper plan and go for experienced engineers
If you are building your own home, start with a proper plan. Sit with the architect and give him all the requirements. After the municipality passes the plan, don't edit it as it will result in heavy financial loss. Select an experienced engineer to build your house.
A certified engineer can bring down the cost of construction to a great extent. Go through the earlier works of the engineer and ask for an opinion from his previous customers. If you plan to buy a flat, then save a certain amount of money for down payment. Saving money beforehand for down payment reduces the amount of money you will have to borrow when you buy your dream house.

Buy construction materials on your own
Never allow any third-party to buy raw materials for you. Purchasing construction materials on your own will help you save a great deal of money. If you are unsure about the materials, consult your contractor. Compare the product's price to have a clear picture. Also, buy materials from local markets to save transportation costs. Try to use recycled materials that will save you a substantial amount of money.

Monitor the work
It is advisable to watch the work regularly. Your presence on construction site will make the work process smooth. Maintain a small diary and make a note of the raw materials used. Have a clear idea on how your contractor has used the materials to prevent any wastage.
Building a home is once in a lifetime moment. Do your research well and don't get financially stressed. Involve all the members in decision-making and set your priorities right.

Mr. C. Prabhakar is the Director of Gopalan Group. He holds a Bachelor Degree of Architecture from the Bangalore University and has done Business Management from the Harvard Business School. Mr. Prabhakar is well-versed and proficient in all aspects of the real estate business and his attention to detail is matched only by his incredible high energy levels.

Sponsor Ads

• Ad Space Available - Rent it Now!

Report this Page

Created on Dec 31st 1969 18:00. Viewed 0 times.

Share on APSense

Comments